Renovating your home in Toronto?
Realtors are often asked what value certain renovations add to a home. I have seen tables of 'returns on investment' values, posted on various websites, and printed in newspapers. There is even a page available on the website belonging to the Appraisal Institute of Canada, allowing visitors to calculate the probable return on the sum invested in renovating their home.
It is all very good and helpful, but, unless you are renovating for yourself, I don't see much sense in undertaking these renovations. The highest returns that I have ever seen in such tables were between 75% and 100% of the money spent for renovating bathrooms and kitchens. If the numbers shown in these tables are reliable, then I would be very reluctant to undertake any serious renovation for the sole purpose of selling the house. I usually suggest small and fairly inexpensive improvements when asked for advice before listing the house for sale. Unless there were returns higher than 100%, the time spent and inconvenience experienced during renovation would not be adding a penny to the final sale price.
Considering such published information to be correct, someone can come to a conclusion that the only time when it is logical to undertake serious home improvements, is when one plans to live in the renovated home for some time. This, of course, does not apply to contractors and renovators, whose renovating costs would be considerably lower.
The pleasure and comfort gained from a renovation should be, and in most cases is, worth the money spent. It is important to pay attention to quality - being careful not to 'overimprove' the home for its location, but, at the same time, making sure that the money is well spent, and, eventually, will bring return on investment if and when it is time to sell. There are many books dealing with home interiors and renovating trends, and there is plentiful information available on the Internet.
When planning a renovation, be sure to visit Toronto's on-line home improvement directory, at www.homestars.ca, where you can check the ratings of various renovation-related professionals and supliers.
